24 February 2011
By Nicholas Contompasis
In its regular quarterly meeting, the IEA Governing Board discussed developments on the world oil market. Based on industry reports, it appears that between 500,000-750,000 barrels per day of crude oil, or less than 1% of global daily consumption, have been removed at present from the market. The IEA and its member countries continue to closely monitor and analyse developments in the current situation, which are evolving.
The IEA is also in close contact with OPEC and major producer countries and the Governing Board takes note of the reports regarding their willingness to draw on their excess capacity to ensure additional supplies if required.
Both consumers and producers have tools at hand to deliver adequate oil to the market. Producers hold ample spare capacity. The IEA is always ready to immediately activate its existing collective response mechanism when deemed necessary. Collectively, the IEA members have 1.6 billion barrels of emergency oil stocks at their disposal, or in aggregate 145 days of import cover for IEA members.